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Asia-Pacific countries seek greater say in economic governance

(Xinhua)

08:45, October 14, 2011

BANGKOK, Oct. 13 (Xinhua) -- Asia-Pacific developing countries seek greater say in shaping global economic governance with recommendations to upcoming G20 Summit, according to press release by UN ESCAP Bangkok on Thursday.

Bangkok UN ESCAP Strategic Communications and Advocacy Section asserted that all countries are affected by global risks, 28 Asia- Pacific countries at a United Nations high-level forum here have sought greater transparency and inclusiveness in G20 deliberations in shaping a development-friendly global economic governance system.

Government ministers, central bank governors and senior policymakers from across the region met at the Oct. 11-12 High- level Consultation on the G20 Cannes Summit: Perspectives from Asia-Pacific convened by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) to help formulate a coordinated regional voice on issues before the G20 Summit to be held in Cannes, France on Nov. 3-4.

With only eight Asia-Pacific countries as members of the G20 that brings together developed and developing nations on key global economic issues, the consultation stressed the importance of making the region's voice, especially that of its poorest nations, heard at the G20.

Emphasizing the concerns that the global financial crisis was triggered by the build-up of risks in the financial sector that escaped the scrutiny of supervisors, the Asia-Pacific countries called for a comprehensive reform of the international monetary system. In this context, the consultation urged the G20 to put forward credible proposals for regulation of the shadow banking system and for curbing the excessive risk taking tendencies that are responsible for heightened volatility in the financial markets.

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